The Joint Economic Committee has released Tax Distribution Analysis and Shares of Taxes Paid–Updated Analysis. Here is the abstract:
IRS data for 2003, the most recent available, show that the top half of taxpayers ranked by income ontinue to pay over 96% of Federal individual income taxes while the bottom half accounts for just less than 3.5%. The data show the highly progressive nature of the Federal income tax.
3 responses to “Joint Economic Committee Releases Report on Tax Distribution Analysis and Shares of Taxes Paid”
Tax Shares Distribution
Paul Caron notes that: The Joint Economic Committee has released Tax Distribution Analysis and Shares of Taxes Paid–Updated Analysis. From the JEC abstract: IRS data for 2003, the most recent available, show that the top half of taxpayers ranked by…
Tax Shares Distribution
Paul Caron notes that: The Joint Economic Committee has released Tax Distribution Analysis and Shares of Taxes Paid–Updated Analysis. From the JEC abstract: IRS data for 2003, the most recent available, show that the top half of taxpayers ranked by…
The example above is an example of how misleading statistics CAN be. Without information as to the fact that about 70% of the wealth and income is owned by only 10% of the population, the stats don’t mean anything.
If I have 10 million dollars and pay 10% in taxes, I paid a million dollars in taxes. Conversely, if you have an income of $40,000 and pay 28 percent in taxes, you laid out $11,200 of your $40,000 income. The total tax collected is $1,011,200.
Me, the rich guy with UNEARNED income of 10 million, paid 99 percent of the taxes. You the struggling fellow with only EARNED income, paid just 1% of the tab. Sounds like you underpaid until you understand that you paid 28% to my 10%. And you struggle and did all of the work. The trick is that THE PROPORTION OF TAX YOU PAID IS FAR GREATER THAN MINE. That’s anything but a progressive tax system and is grossly unfair and is why the middle class is all but evaporating in this country. The general population needs to educate itself and stop falling for this type of chicanery.